Does Your Company Need Cyber Insurance?

We know that companies have a lot to consider when it comes to their IT needs. They can opt formanaged IT services, for example, where an outside company helps them manage their IT infrastructure and keep everything secure. One question we get occasionally is “If I have outside IT support, do I also need cyber insurance?”

Cyber insurance is designed to protect you in the event of a data breach or other major IT issue. Even if you’re getting managed IT services from a capable contractor, there’s still a possibility that a cyber attack that could cause major issues. Because of that, there are many reasons that the experts here at CRG might recommend the purchase of cyber insurance.

It Covers Legal Fees

A cyber attack won’t just damage IT infrastructure and cause data loss. An attack could also steal information, including private information about your customers. If they sue because of this leaked info, a cyber insurance policy has your back. It covers legal fees and court costs, along with mandatory customer notification requirements that come along with all major breaches. Your business doesn’t have to have a bad quarter or even go bankrupt because of a cyber attack.

It Covers Data Recovery

These days it’s easier to recover data that may have been lost in a cyber attack. Notice we didn’t say that it was cheap though. Depending on the damage, data recovery can cost a lot. This can be a big burden on any business, but it can pose an especially big problem for smaller companies that may not have the funds needed to get their data back. A cyber insurance policy covers you and helps you get that data back, making it easier to get back to your day to day business.

It Covers System Repairs

A cyber attack can also damage your IT infrastructure. That means that you may end up needing to repair or replace crucial parts of your IT systems. A cyber insurance policy can help you cover these costs and make sure that your systems are back to functioning as well as they were before the attack, if not better.

The Ability to Investigate

A cyber insurance plan gives you the ability to investigate the cause of the cyber attack and potentially avoid similar issues in the future. This is normally a costly endeavor, so you’ll be grateful when your cyber insurance kicks in and covers this crucial step.

Less Business Interruptions

Because you have a cyber insurance plan covering all of this repair and recovery work, you don’t have to shut down your business for as long. You can get back to typical operations sooner than expected, while beefing up your cyber defenses and making it up to customers along the way.

Your Cybersecurity Experts in Charlotte, NC

As you can see, a cyber insurance plan could end up helping out your business in a worst case scenario. Cyber attacks may not be completely avoidable, but you can take steps to mitigate potential damage. As always, contact CRG is you’re in need of managed IT services or other forms of IT support. We look forward to hearing from you!